British Columbia's Bill 10, which enacts certain measures announced in the province’s 2023 budget, received Royal Assent on May 11, 2023. Bill 10 includes corporate income tax measures, including the extension of the Farmers’ Food Donation Tax Credit for three years to the end of 2026 and extension of the Interactive Digital Media Tax Credit for five years to August 31, 2028, among other tax changes announced in British Columbia’s 2023 budget on February 28, 2023.
The corporate income tax measures in Bill 10 are considered enacted for U.S. GAAP purposes as of May 11, 2023 (the date the bill received Royal Assent). These measures were considered substantively enacted for IFRS and Accounting Standards for Private Enterprise (ASPE) purposes on February 28, 2023, the date the bill received first reading (as British Columbia has a majority government.
For more information, contact your KPMG adviser.
Information is current to May 15, 2023. The information contained in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's National Tax Centre at 416.777.8500
The way you get your tax news is changing – Starting January 1, 2024, all tax news will be delivered exclusively through our TaxNewsFlash publication. If you're a current TaxNewsNow subscriber, you'll automatically receive TaxNewsFlash — no additional steps needed. If you're not subscribed but want insights from KPMG's Canadian tax professionals, subscribe to TaxNewsFlash.
